American Lithium Minerals reports Japan Oil, Gas and Metals National Corp. (JOGMEC) has agreed to invest $4 million and become a joint-venture partner in American Lithium’s Borate Hills lithium-boron project, located about 50 miles southwest of Tonopah, Nevada. JOGMEC’s investment will fund completion of a prefeasibility study for the project, which features relatively high grades of 2,750 ppm lithium (0.275%) and 10,000 ppm boron (1%).
American Lithium intends to invest $4.5 million over the coming year to advance the Borate Hills project to the feasibility stage. Phase I of the planned 2010 program will include surface sampling, reconnaissance drilling, and metallurgical testing. Phase II will incorporate detailed drilling, a continuation of metallurgical test-work, and the prefeasibility study. Both the first and second phases are expected to be completed by spring 2011. (www.americanlithium.com)